USD draft clearing / FAQ
USD Clearing is a process of clearing USD drafts drawn on a Sri Lankan Commercial Bank and releasing funds to the beneficiary.
  • USD cheques/drafts issued by commercial banks in Sri Lanka payable to Sri Lankan individuals and institutions.
  • USD cheques issued by Banks or exchange Houses abroad drawn on commercial banks in Sri Lanka.
  • Each Participating Bank will be assigned one seat for the US Dollar Clearing
  • A representative from each Participating Bank will meet at 12.15 p.m at the LankaClear Head Office on each working day
  • The US Dollar cheques/drafts (Outward clearing) will be exchanged among the representatives of the Participating banks and the net value to be debited/credited will be agreed upon.
  • The dishonored cheques/drafts will be handled at the USD Settlement Clearing the following working day immediately after the Outward Clearing of the US Dollar cheques/drafts and the net value to be debited/credited will be agreed upon.
Activity Cutoff Time Responsibility
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01 Submission of USD draft data via digitally signed email 12.00 p.m. Collecting Bank
02 Submission of sealed envelopes containing USD drafts to counter 12.15 p.m. Collecting Bank
03 Send USD clearing reports to Banks via digitally signed email 12.30 p.m. onwards LCPL
04 Collection of sealed envelopes containing USD drafts 12.30 p.m. onwards Paying Bank
05 Collection of "US Dollar Clearing - Instruction to Settlement Bank Report" 02.00 p.m. Settlement Bank
  • Day 1 - Customer deposits the USD Cheque/draft
  • Day 2 - Bank Branch sends relevant data and cheques/dfrafts for clearing through their Central Clearing Department.
  • Day 3 - Net figures sent to Settlement Bank to update the accounts
  • Day 4 - Beneficiary account gets credited
  • Bank of Ceylon
  • Peoples Bank
  • Standard Chartered Bank
  • Citi Bank
  • Public Bank
  • Commercial Bank
  • Seylan Bank
  • Sampath Bank
  • Muslim Commercial Bank
  • National Development Bank
  • Nations Trust Bank
  • Deutsche Bank
  • Hongkong & Shanghai Bank
  • Hatton National Bank
  • Pan Asia Bank
  • Indian Bank
  • ICICI Bank
  • Union Bank of Colombo
  • DFCC Bank
  • Amana Bank
  • Cargills Bank
  • Habib Bank
  • All Commercial banks operating in Sri Lanka